PSA-Sical to develop second container terminal at Chennai

Chennai: Chennai Port trust has issued a letter of intent to the PSA-Sical Consortium for the development of a second container terminal over the restructured east and south quays to be complete by early 2008.The consortium, a joint venture by Singapore-based shipping port operator PSA and Chennai-based Sical Logistics, beat 11 bidders for the Rs 492 crore (US $109 million) project, will be in charge of the new 800,000 teu terminal for a period of 30 years.